State Street’s Lost Mandates Expose Growing Risk in Europe

Efforts by US asset managers to try to adapt their business to the political reality at home are now alienating some of their clients in Europe.

State Street Global Advisors has already lost mandates with pension funds in the UK and Scandinavia. And more Europe-based institutional investors, including PME in the Netherlands, are currently reviewing their relationships with US managers. The trigger, they say, is a trend on the other side of the Atlantic to downplay climate risks.